The International Islamic Trade Finance Corporation (ITFC) is contemplating alternatives to develop Islamic finance offers in Azerbaijan, Hani Salem Sonbol, govt director of ITFC, a part of the Islamic Development Bank (IDB) group, instructed reporters, Trend reviews.
“Talking in regards to the prospects of introducing Islamic monetary instruments, we see a constructive starting in cooperation with Rabita Bank, for instance, and we consider that it’s going to actively discover and introduce Islamic monetary merchandise.
In our opinion, the transformation of present banks or the creation of specialized models for Islamic banking is inevitable, because the mechanism of this monetary system is possible and meets the wants of the area.
These steps can have a constructive impact on the financial growth of Azerbaijan and neighboring areas,” he mentioned. The International Islamic Trade Finance Corporation is a member of the Islamic Development Bank Group and was established with the important goal of commerce growth.
The IDB Group maintains sturdy relations with Azerbaijan and seeks to contribute to its socio-economic growth. The Group is implementing tasks price about $1.2 billion in Azerbaijan.—Business Lend
